MRRA Continues to Reimburse American Taxpayers

NASB Redeveloper Pays Navy $1.49 Million from Property Sales and Leases at Brunswick Landing and Topsham Commerce Park

 

BRUNSWICK LANDING, Maine – Last week the Midcoast Regional Redevelopment Authority sent a check for $1,497,193.75 to the U.S. Navy as part of a revenue sharing agreement stipulated in the economic development conveyance (EDC) of former Naval Air Station Brunswick property to MRRA.

With this latest payment, MRRA has now paid the United States just over $4.5 million as it continues to successfully redevelop surplus property that was previously owned by the Navy.

“We’re paying back the U.S. taxpayer,” MRRA Executive Director Steve Levesque said. “American taxpayers paid for this former Navy base, so they naturally should receive some of the beneficial proceeds as we successfully redevelop it. If it weren’t being redeveloped, it would just be sitting here as liability. Instead, it’s becoming a significant local and State economic asset in terms of job creation and revenue generation.”

This is MRRA’s second million-dollar payment to the feds this year. On June 5th, MRRA paid off a $3 million note to the Navy 10 years before it was due, saving about $1 million in interest and bank charges. MRRA had planned to begin paying down the loan in 2015 using an installment plan, with a balloon payment for the balance in 10 years. Instead, with the June 5th payment, MRRA paid off the note completely.

“This latest payment, combined with our earlier payments clearly illustrate that MRRA is effectively managing its finances and exceeding its redevelopment goals,” Levesque said. “This has been a very good year for us in terms of property sales and leases, but we know we still have an awfully long way to go and we continue to face major challenges to realize our long-range vision for the former base.”

 

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